Rs 3,000 crore PNB Housing IPO to open on October 25

MUMBAI: Mortgage lender PNB Housing Finance has fixed a price band of Rs 750-775 for its initial public offer to raise Rs 3,000 crore.

The amount raised will be used to fund its expansion across the country.

"We are present only at 28 locations with 48 branches and there is enough headroom for us to grow. We are going to grow and invest rapidly and sensibly in our distribution network," PNB Housing Finance Managing Director Sanjaya Gupta told reporters here today.

The company is planning to open 18 branches this fiscal.

"Out of 18 branches, six would be in cities where we are already present and the balance 12 will be opened in tier II and III cities," Gupta said.